Is it wise to sub 2 an upside down mortgage. I will be living here
No, because after the Sub2, then you will be upside down.
Short sale is the better approach.
Since you’re an investor at heart, it really wouldn’t make sense to
sub-2 an upside down property, even if you plan to live in it.
However, how long are you looking to live in the house?
If you plan to sell it and move up or downsize within a few years,
it wouldn’t be wise to take it on.
If you absolutely love the house, it’s “THE” house for you, and you plan
to keep the house forever, I would probably consider it as you could get
in with no down payment, get the seller to pay ALL closing costs, and
absolutely have the seller pay the next few months (at least 6-12)
payments (depending on how much it is upside down), although I would
rather purchase a property with a discount, even if I’m going to live in it.
HEY
i do not see a person who is upside down in a home paying 6 12 months payments for you to live in it or take it on
They would sub2 it to get done whith and get away from it
Not to keep paying on it for some one else
If it were me i would work on getting the home to a real pay off # and then get it refied as soon as i could
If you can’t see that happening it will NOT happen for
you.
I have had a seller pay me $20,000 to take their house, that’s
on top of the equity that they already had in the house as well
($40,000), and that was one of my first deals to boot. $20,000
was the most I have been paid so far…
I’ve had many more sellers pay me money to take their house.
Many many more to cover payments for a set time period, the
longest I have had was 8 months at $1,400 per month.
I always try to get the seller to cover payments for a period
of time, depending on the deal I will start anywhere from
3-6 months. 98% of the time when buying sub-2 I can get
2-3 month’s free, no problems. It’s how you present it to the
sellers.
If you can’t muster the courage to ASK, then you will not get.
It’s deal creation, or deal making. You create the deals.
Again, if you don’t ask (negotiate) you don’t get…
JEFF
Hey I PM you on this stuff as you had said to do and you would show me a better way then just normal sub2
I have not heard from you
You deals and stuff sound super PLS respond to the PM
So we can talk more off form
real estate 001,
Jeff Corpuz, is Board Hustling for a person named Tim Mai. You will find out you will need to attend a seminar to learn the method he is talking about.
John $Cash$ Locke
Jeff Corpuz, is Board Hustling...
BUSTED! “d’oh”:doh “d’oh” :doh
CASH YOU THE MAN :bobble
Thank you i just as i said can not see some one willing to walk away from a property and do a sub2 willing to pay 6 months of payments sounds a bit shakey
Thoughts ?
John Locke, I don’t appreciate your assumptions.
I am not board hustling for Tim Mai.
I do real deals, everyday!
I do have my own course out, but it’s not Tim Mai’s.
My strategies are different than his, as I have perfected
my own methods and ways of doing business.
I understand that you are a moderator on this board,
but to make assumptions about what I am doing and to
say I am “board hustling” for another guru, ain’t right
my friend.
I simply wanted to see if anyone was interested in what
I have to offer on this board. That’s it plain and simple.
Regardless of if I was “board hustling” or not, I’m here
to provide real world value on this board.
If this is not accepted let me know right now and I won’t
be back!
By the way, I’m not saying that there is a better way
to do deals than subject-to. I buy subject-to ALL the
time!
What I’m saying is that if you don’t have reserves
for subject-to deals, then you could land in a negative
situation if something were to arise.
I did subject-to deals when I first got started and when
I had a situation arise, tenant moved out and I couldn’t
sell the property FAST, I ended up negative and in a very
bad situation. That wasn’t the first time either!
After those subject-to deals went wrong, I wanted to learn
how to do the same types of deals but with no risk!
Subject-to is a great strategy! My personal belief, now that
I’ve been through the good side and the bad side of
subject-to investing, is to at least have anywhere from 5-10K
in reserves for each subject-to transaction that you take on.
It’s just smart to do and you’ll be set up for success right
from the start.
BTW, John Locke, how did you come with that assumption that
you made about me in your last email? Very curious to know
why you would assume such a thing!
real estate 001, as I said in my previous email, it happens! Don’t stop believing it
now that someone tried to put my character down! Sellers will pay you and they
will cover payments if their motivation level is there…
In defense of Jeff he never came off as a board hustler here. In fact he’s been helping some members out. He’s not pushing any products or coming off as a guru who wants your money and nothing else.
I agree with him about having reserves for sub2. I won’t do them unless I have cash reserves waiting.
Thnx Jeff
Very helpful info
:beer :bobble
Jeff Corpuz,
When you requested posters PM you in one of your posts to learn more, which I deleted, you were Board Hustling.
FORUM RULES:
** No Advertising - do not post advertisements, solicitations, or offer your services;
Also, when I checked Tim Mai’s web site you were giving a video testimonial of using his system!
John $Cash$ Locke
REI Club Moderator
I apologize if I came off as “board hustling”.
I am a previous student of Tim Mai’s, yes, but
to say I am board hustling for him doesn’t make
sense. Please find out all the facts before making
an assumption about a poster.
Thanks!